Albert Manifold removed from BP chair over governance and concerns | Oil and Gas News

BP shares fell 4 percent in the US and UK markets as governance concerns led to the ousting of chairman Albert Manifold.

Albert Manifold has stepped down as chairman of British Petroleum (BP), after just eight months in the job.

His exit on Tuesday comes amid “significant concerns” raised at the oil and gas giant’s “significant levels of management, oversight and performance”, the company said in a statement, but did not elaborate.

Recommended Articles

list of 4 itemsend of series

Manifold’s departure comes amid a leadership change at the London-based energy giant.

Three years ago, CEO Bernard Looney was fired after lying about an intimate relationship with colleagues.

Ian Tyler, a former chief executive of British construction group Balfour Beatty who has been on BP’s board since last year, will become interim chairman.

With Manifold new in the job, Looney’s successor Murray Auchincloss left suddenly in December, with no apparent reason for leaving. Former Woodside boss Meg O’Neill has been announced as BP’s fifth chief executive from 2020 to drive the company’s transition back to oil and gas and away from renewables, a strategic change that Auchincloss announced earlier last year.

BP said its board had agreed that Manifold – who was backed by hedge fund Elliott, which has built up a stake of around 5 per cent in BP – would no longer be chairman and director with immediate effect.

“This follows a number of serious complaints made to the agency regarding key management, control and operational issues,” BP said.

“Albert has helped to bring focus and speed to BP’s transformation. However, the board is surprised and disappointed to learn of the management’s decision, Amanda Blanc. Blanc oversaw Manifold’s appointment in October.

A BP spokesman declined to provide further details. Reuters news agency could not reach Manifold for comment.

Elliott declined to comment.

Mixed performance

Manifold, who had never worked in the power industry before joining BP, made a name for himself as a construction chief at CRH, which also changed its reputation. He also moved his first listing from Ireland to the US, and the share price went up.

BP announced its bid last year after years of poor performance against rivals led to speculation that it might be out of business.

Under the Manifold, the BP board was reduced. Shell chief financial officer Simon Henry, who joined BP in September, was among those who chose to leave.

In April, at BP’s annual general meeting, the board failed to get two of its resolutions approved by shareholders, and Manifold’s appointment as chairman received less support than usual.

When the board joined the general meeting, proxy adviser Glass Lewis said at the time that Manifold was the one responsible for BP’s decision to withdraw the decision that the group of climate activists followed This and encouraged a vote against him. His nomination was confirmed with about 82 percent of the votes, which is below the almost 100 percent vote of the directors.

BP stocks are surging in US markets amid news of the Manifold layoff. It is down 4.2 percent on the day. The currency also fell on the London Stock Exchange by 4.4 percent.